On February 24, 2020, the US Commerce Department’s Bureau of Industry and Security (BIS) issued a rule that significantly expands the scope of US export controls on Russia and Yemen. The new trade restrictions on Russia have been imposed due to “proliferations concerns” regarding Russia on the part of the US government. The rule also broadens export controls on Yemen to account for heightened US national security concerns emanating from Yemen as it continues to suffer from a years-long internal and regional war.
These new US export controls will impact US companies, but also many non-US companies whose products have US content or other US links. The changes are significant for the nuclear and aerospace sectors, but also have relevance in other sectors. Products and technologies that may now require a license for Russia include many industrial goods, such as certain valves, machine tools and robots, along with certain composites, electronics production technologies and others.
For more information on how these rules may impact your business, click here to read the Client Advisory.